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COVID-19 RESOURCES - KEEPING OUR COMMITMENT TO YOU

COVID-19 BUSINESS RESOURCES

Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.

The COVID-19 pandemic poses unprecedented challenges to all types of businesses whose operations are impacted by disruptions to their supply chains, withering demand for their products and worker unavailability resulting from sustained social distancing.

This page is designed to provide the latest, best information to our clients and partners on resources aimed at maintaining the vitality of the companies upon which our economy depends. Our Client Relationship Managers (CRMs) are standing by to discuss creative solutions based on your specific questions, just call our office at 888-872-2364. We plan to update this directory as new information and resources become available.

Included on this page are resources available to businesses from local, state and federal agencies.

Save Our 401(k)s

  • Please take a moment to let Congress know we need immediate relief to save our 401(k)s!

    Quick and easy to do!

    Click here to get started.   – American Retirement Association (ARA)

BUSINESS RESOURCES

Extended Deadlines

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      Extended Deadlines for Pre-Approved Defined Benefit Plans

      Extension of second six-year remedial amendment cycle

      The IRS is extending the following deadlines to July 31, 2020:

      1. the April 30, 2020, deadline for employers to adopt a pre-approved defined benefit plan and to submit a determination letter application (if eligible) under the second six-year remedial amendment cycle, and
      2. the April 30, 2020, end of the second six-year remedial amendment cycle for pre-approved defined benefit plans, as set forth in Announcement 2018-05 (PDF).

      An employer that adopts, by July 31, 2020, a pre-approved defined benefit plan that was approved based on the 2012 Cumulative List will be considered to have timely adopted the plan within the second six-year remedial amendment cycle. The remedial amendment period for disqualifying provisions described in section 15.03 of Rev. Proc. 2016-37 (PDF) is also extended to the end of the second six-year remedial amendment cycle.

      Delayed beginning date for third six-year remedial amendment cycle

      The third six-year remedial amendment cycle for pre-approved defined benefit plans now will begin on August 1, 2020 (and will still end on January 31, 2025). The on-cycle submission period for pre-approved defined benefit plan providers to submit opinion letter applications for the third six-year remedial amendment cycle will still begin on August 1, 2020, and end on July 31, 2021.

      Future Guidance:

      The extensions to the second six-year remedial amendment cycle and the delayed beginning date for the third six-year remedial amendment cycle for pre-approved defined benefit plans will be reflected in future guidance.
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      Extension of Initial Remedial Amendment Period for 403(b) Plans

      The IRS is extending the last day of the initial remedial amendment period for Section 403(b) plans from March 31, 2020, to June 30, 2020. Plan sponsors now have until June 30, 2020, to update their pre-approved and individually designed 403(b) plan documents.

      Revenue Procedure 2019-39 (PDF) provides a system of recurring remedial amendment periods for correcting form defects for both individually designed and pre-approved 403(b) plans.

      Future Guidance:

      The IRS intends to issue guidance to modify Rev. Proc. 2019-39 to replace applicable references to March 31, 2020, with June 30, 2020. For example, the rules for the recurring remedial amendment periods for 403(b) individually designed plans now will apply to form defects first occurring after June 30, 2020, and the second cycle for 403(b) pre‑approved plans will begin on July 1, 2020.
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      IRS Extends 2019 Qualified Plan, IRA, HSA Contribution Deadlines

      The IRS points out that contributions can be made to an IRA and an HSA for a particular year at any time during the year or by the due date for filing a return for that year. – ASPPA

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